Consumer Confidence slipped by 10% month over month overall and missed economists expectations by a similar margin. Even more appalling is the fact that expectations on future conditions dropped by 6 points or approximately 8%. This means that not only are consumers less confident about the current environment, but are also equally as concerned about the coming months.
The chart below shows the distance between the survey and the actual number. Note that generally, the survey estimates has been HIGH since 2007.